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According to Yonhap News,
(SEOUL=Yonhap News) The Korea Trade-Investment Promotion Agency (KOTRA) announced on September 2 that it signed an MOU with the Korea Credit Guarantee Fund (KODIT) and Shinhan Bank on effective financing of foreign-invested enterprises on August 31 at the KOTRA headquarters in Seoul.
The organizations agreed to cooperate in providing foreign-invested SMEs that have contributed in creating jobs or are in the field of new growth industry, with various kinds of support, including active financial assistance, finding investors with high potential for job creation, and financial consultations.
KOTRA will provide guidance on financial services, and Shinhan Bank will support the SMEs with loan services based on reviews and letters of guarantee from KODIT.
SMEs that meet the requirements will be provided with an expanded guarantee rate of 100 percent for three years and get 0.2 percent discount in guarantee fees by KODIT and Shinhan Bank.
The agreement is aimed at helping alleviate the difficulties of SMEs that have recently entered the Korean market and are contributing to the creation of jobs, but are facing challenges in financing due to the lack of experience and financial background in Korea.
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** This article was translated from Korean.
Source: Yonhap News (September 2, 2018)